FOR IMMEDIATE RELEASE
HOOPP benefit improvement
HOOPP’s Board of Trustees approved a benefit improvement for active members effective July 1, 2024.
All members active in the Plan on or after July 1, 2024, will benefit from this latest improvement with, on average, a $230 per year increase to their lifetime pension. For the majority of active members who also benefited from previous improvements, the combined total increase to their lifetime pension will be, on average, 25%.
This document contains sample content, key messages and images that your organization can share internally and through social media to help promote this great news for HOOPP members.
As one of Canada’s strongest pension plans, HOOPP is passionate about delivering on their pension promise by providing secure and reliable retirement income to members. That’s why we are pleased to share that, supported by the overall strength of the Plan, HOOPP’s Board of Trustees has approved an increase to your lifetime pension.
Eligible members active in the Plan on or after July 1, 2024, will now receive a larger lifetime pension for contributory service in 2023.
Visit hoopp.com for more information about the benefit improvement.
Additional key messages
- Supported by the overall strength of the Plan, this increase builds on previous ones and comes at no additional cost for Plan members and employers.
- The table below shows the estimated annual increase in a full-time member’s lifetime pension based on their average earnings with a full year of service earned in 2023. We encourage you to use the information in this table to communicate the impact of the benefit improvement to your members.
| Average earnings | Estimated annual increase to a lifetime pension |
| $40,000 | $200 |
| $50,000 | $250 |
| $60,000 | $300 |
- For example, a full-time member with average earnings of $60,000 and a full year of service earned in 2023 can expect to receive an extra $300 per year as a result of this benefit improvement. If that same member received their pension for 20 years in retirement, they would receive an additional $6,000 in pension income!
- This increase is just one of the ways that HOOPP is adding value and supporting its members. The Board has also announced that contribution rates will remain unchanged until at least the end of 2026. HOOPP’s contribution rates have not changed since 2004 – that’s more than 20 years of stability for members and employers.
